ACCOUNTING exam2.docx
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ACCOUNTING exam2.docx
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ACCOUNTINGexam2
∙Question1
1.5outof1.5points
WhichofthefollowingisNOTanexampleofacostthatvariesintotalasthenumberofunitsproducedchanges?
Answer
SelectedAnswer:
Insurancepremiumsonfactorybuilding
CorrectAnswer:
Insurancepremiumsonfactorybuilding
∙Question2
1.5outof1.5points
Acostthathascharacteristicsofbothavariablecostandafixedcostiscalleda:
Answer
SelectedAnswer:
mixedcost
CorrectAnswer:
mixedcost
∙Question3
1.5outof1.5points
Asproductionincreases,whatwouldyouexpecttohappentofixedcostperunit?
Answer
SelectedAnswer:
Decrease
CorrectAnswer:
Decrease
∙Question4
1.5outof1.5points
SpiceInc.'sunitsellingpriceis$60,theunitvariablecostsare$35,fixedcostsare$125,000,andcurrentsalesare10,000units.Howmuchwilloperatingincomechangeifsalesincreaseby8,000units?
Answer
SelectedAnswer:
$200,000increase
CorrectAnswer:
$200,000increase
∙Question5
1.5outof1.5points
Iffixedcostsare$200,000andtheunitcontributionmarginis$20,whatamountofunitsmustbesoldinordertohaveazeroprofit?
Answer
SelectedAnswer:
10,000
CorrectAnswer:
10,000
∙Question6
1.5outof1.5points
Giventhefollowingcostdata,whattypeofcostisshown?
Costperunit
#ofunits
$5,000
1
$2,500
2
$1,667
3
$1,250
4
Answer
SelectedAnswer:
fixedcost
CorrectAnswer:
fixedcost
∙Question7
1.5outof1.5points
Whattermiscommonlyusedtodescribetheconceptwherebythecostofmanufacturedproductsiscomposedofdirectmaterialscost,directlaborcost,andvariablefactoryoverheadcost?
Answer
SelectedAnswer:
Variablecosting
CorrectAnswer:
Variablecosting
∙Question8
1.5outof1.5points
Underabsorptioncosting,whichofthefollowingcostswould not beincludedinfinishedgoodsinventory?
Answer
SelectedAnswer:
Advertisingcostsforafurnituremanufacturer
CorrectAnswer:
Advertisingcostsforafurnituremanufacturer
∙Question9
1.5outof1.5points
Abusinessoperatedat100%ofcapacityduringitsfirstmonthandincurredthefollowingcosts:
Productioncosts(2,500units):
Directmaterials
$42,500
Directlabor
85,000
Variablefactoryoverhead
47,500
Fixedfactoryoverhead
12,500
$187,500
Operatingexpenses:
Variableoperatingexpenses
$15,000
Fixedoperatingexpenses
4,500
19,500
If75unitsremainunsoldattheendofthemonth,whatistheamountofinventorythatwouldbereportedontheabsorptioncostingbalancesheet?
Answer
SelectedAnswer:
$5,625
CorrectAnswer:
$5,625
∙Question10
1.5outof1.5points
Abusinessoperatedat100%ofcapacityduringitsfirstmonth,withthefollowingresults:
Sales(90units)
$90,000
Productioncosts(100units):
Directmaterials
$40,000
Directlabor
20,000
Variablefactoryoverhead
2,000
Fixedfactoryoverhead
5,000
67,000
Operatingexpenses:
Variableoperatingexpenses
$8,000
Fixedoperatingexpenses
1,000
9,000
Whatistheamountoftheincomefromoperationsthatwouldbereportedontheabsorptioncostingincomestatement?
Answer
SelectedAnswer:
$20,700
CorrectAnswer:
$20,700
∙Question11
1.5outof1.5points
Abusinessoperatedat100%ofcapacityduringitsfirstmonth,withthefollowingresults:
Sales(90units)
$90,000
Productioncosts(100units):
Directmaterials
$40,000
Directlabor
20,000
Variablefactoryoverhead
2,000
Fixedfactoryoverhead
5,000
67,000
Operatingexpenses:
Variableoperatingexpenses
$8,000
Fixedoperatingexpenses
1,000
9,000
Whatistheamountofthecontributionmarginthatwouldbereportedonthevariablecostingincomestatement?
Answer
SelectedAnswer:
$26,200
CorrectAnswer:
$26,200
∙Question12
1.5outof1.5points
Abusinessoperatedat100%ofcapacityduringitsfirstmonth,withthefollowingresults:
Sales(90units)
$90,000
Productioncosts(100units):
Directmaterials
$40,000
Directlabor
20,000
Variablefactoryoverhead
2,000
Fixedfactoryoverhead
5,000
67,000
Operatingexpenses:
Variableoperatingexpenses
$8,000
Fixedoperatingexpenses
1,000
9,000
Whatistheamountoftheincomefromoperationsthatwouldbereportedonthevariablecostingincomestatement?
Answer
SelectedAnswer:
$20,200
CorrectAnswer:
$20,200
∙Question13
1.5outof1.5points
Abusinessoperatedat100%ofcapacityduringitsfirstmonth,withthefollowingresults:
Sales(90units)
$90,000
Productioncosts(100units):
Directmaterials
$40,000
Directlabor
20,000
Variablefactoryoverhead
2,000
Fixedfactoryoverhead
5,000
67,000
Operatingexpenses:
Variableoperatingexpenses
$8,000
Fixedoperatingexpenses
1,000
9,000
Whatistheamountofthegrossprofitthatwouldbereportedontheabsorptioncostingincomestatement?
Answer
SelectedAnswer:
$29,700
CorrectAnswer:
$29,700
∙Question14
0outof1.5points
Contributionmarginreportingcanbebeneficialforanalyzingthefollowing:
Answer
SelectedAnswer:
Salespersonal
CorrectAnswer:
Alloftheabove.
∙Question15
1.5outof1.5points
Aformalwrittenstatementofmanagement'splansforthefuture,expressedinfinancialterms,isa:
Answer
SelectedAnswer:
budget
CorrectAnswer:
budget
∙Question16
1.5outof1.5points
Avariantoffiscal-yearbudgetingwherebyatwelve-monthprojectionintothefutureismaintainedatalltimesistermed:
Answer
SelectedAnswer:
continuousbudgeting
CorrectAnswer:
continuousbudgeting
∙Question17
1.5outof1.5points
Atthebeginningoftheperiod,theAssemblyDepartmentbudgeteddirectlaborof$110,000,directmaterialof$170,000andfixedfactoryoverheadof$28,000for8,000hoursofproduction.Thedepartmentactuallycompleted10,000hoursofproduction.Whatistheappropriatetotalbudgetforthedepartment,assumingitusesflexiblebudgeting.
Answer
SelectedAnswer:
$378,000
CorrectAnswer:
$378,000
∙Question18
1.5outof1.5points
MotorcycleManufacturers,Inc.projectedsalesof76,000machinesfor2010.TheestimatedJanuary1,2010,inventoryis6,500units,andthedesiredDecember31,2010,inventoryis7,000units.Whatisthebudgetedproduction(inunits)for2010?
Answer
SelectedAnswer:
76,500
CorrectAnswer:
76,500
∙Question19
1.5outof1.5points
ProductionandsalesestimatesforMarchfortheRobinCo.areasfollows:
Estimatedinventory(units),March1
18,000
Desiredinventory(unit),March31
20,300
Expectedsalesvolume(units):
AreaM
7,000
AreaL
8,000
AreaO
9,000
Unitsalesprice
$15
ThenumberofunitsexpectedtobemanufacturedinMarchis:
Answer
SelectedAnswer:
26,300
CorrectAnswer:
26,300
∙Question20
1.5outof1.5points
ProductionandsalesestimatesforMayfortheRobinCo.areasfollows:
Estimatedinventory(units),May1
18,500
Desiredinventory(unit),May31
19,300
Expectedsalesvolume(units):
AreaW
6,000
AreaX
7,000
AreaY
9,000
Unitsalesprice
$20
ThenumberofunitsexpectedtobesoldinMayis:
Answer
SelectedAnswer:
22,000
CorrectAnswer:
22,000
∙Question21
1.5outof1.5points
Whichofthefollowingbudgetsprovidesthestartingpointforthepreparationofthedirectlaborcostbudget?
Answer
SelectedAnswer:
Productionbudget
CorrectAnswer:
Productionbudget
∙Question22
1.5outof1.5points
TheCardinalCompanyhadafinishedgoodsinventoryof55,000unitsonJanuary1.Itsprojectedsalesforthenextfourmonthswere:
January-200,000units;February-180,000units;March-210,000units;andApril-230,000units.TheCardinalCompanywishestomaintainadesiredendingfinishedgoodsinventoryof20%ofthefollowingmonthssales.
WhatshouldthebudgetedproductionbeforJanuary?
Answer
SelectedAnswer:
181,000
CorrectAnswer:
181,000
∙Question23
1.5outof1.5points
TheCardinalCompanyhadafinishedgoodsinventoryof55,000unitsonJanuary1.Itsprojectedsalesforthenextfourmonthswere:
January-200,000units;February-180,000units;March-210,000units;andApril-230,000units.TheCardinalCompanywishestomaintainadesiredendingfinishedgoodsinventoryof20%ofthefollowingmonthssales.
WhatwouldbethebudgetedinventoryforMarch31st?
Answer
SelectedAnswer:
46,000
CorrectAnswer:
46,000
∙Question24
1
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